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Dear Atharva,
Good day!!
I understand your concern and would like to let you know that [ID] Field is not supported in the Calculated Column in the SharePoint Online list. However, if we use [ID] Field in the Calculate Column, we won’t encounter any error, but the ID field won’t calculate till we manually update the Formula:
However, when I edited the formula in the R column by manually re-entering the ID Field and click OK, the values are updated:
So the behavior you are observing is caused due to the by design and I agree with you having the ability to add the ID field in the Calculated Column will benefit the users; so I request you to add your valuable idea as feedback in the SharePoint · Community (microsoft.com) which is the best place to share our ideas and improve the Microsoft products.
Moreover, I believe you can achieve your requirement via integrating the SharePoint Online list with Power Apps and request you to post your concern in the Power Apps Community - Power Platform Community (microsoft.com) to get the detailed help from experts.
Thanks for your patience and understanding. Have a good day!!
Best Regards,
Sophia